Illustrative image (Photo: VNA) Jakarta (VNA) – A workshopentitled “Turning Adversity into Opportunity: ASEAN’s Participation in GlobalValue Chains in a-Post COVID World” took place via videoconference on May 5,drawing representatives of 21 ASEAN bodies from the ASEAN Economic and Socio-CulturalCommunities.
Held by the ASEANSecretariat, the event was within the framework of the Accelerated COVID-19Economic Support programme which was funded by the UK and kicked offlast year to bring analytics and data to inform decision-making, and supportacceleration of post-COVID economic recovery.
In partnership with theBoston Consulting Group, the workshop aimed to provide greaterunderstanding of ASEAN’s global value chain challenges and opportunities in thepost-pandemic recovery and discuss ways forward to advance the region’s globalvalue chain agenda.
Addressing the openingceremony, Deputy Secretary General of ASEAN for ASEAN Economic Community (AEC)Satvinder Singh highlighted that ‘’despite external shocks such as COVID-19 andglobal trade tensions, global value chains are here to stay, and will continueto be an important growth strategy for ASEAN.’’
‘’These shocks havetransformed the GVCs, making them more regionalised, promoting morediversification, and putting resilience and sustainability considerations tothe forefront. Fresh GVC growth of activities will help the economies of ASEAN recoup,and replace job displacements and bring sustained recovery growth to the regionand ASEAN stands a good chance in reaping the benefit from these emergingtrends,” he further added.
However, Singh warned thatthis endeavour will not come automatic, and ASEAN should focus its efforts toimprove its overall competitiveness through good regulatory practice, criticalinfrastructure development, better connectivity, and human capital development.
On his part, UK Ambassadorto ASEAN Jon Lambe indicated that AEC’s focus areas this year – recovery,digitalisation, and sustainability – are priorities that the UK shares.Together, the UK and ASEAN will not only overcome the pandemic, but alsostimulate a rapid, inclusive, and sustainable recovery, he said./.
